Regarding your story Kabul ambulance bomb kills at least 95, wounds 158 (January 27), coming after the attack on the Intercontinental hotel in Kabul, this is shocking and tragic and one of the worst attacks we have seen of its kind. It comes despite US security forces being present on the ground. It is high time the international community joins together to eradicate militancy by the Taliban and its affiliates for good and finally put an end to the Afghan crisis.
K Ragavan, India
Our condolences to the leadership on their loss
In reference to your article UAE leaders pay tribute to late Sheikha Hessa, mother of Sheikh Khalifa (January 28), it was very sad news to learn of the passing of the mother of the nation. My deepest condolences to Sheikh Khalifa, the Al Nahyan family and the citizens of the UAE. May her family have peace and solace.
Sadhia Noor Mohamed, Abu Dhabi
May her soul rest in peace. Heartfelt condolences to the grieving family.
Melanie Rose, Dubai
VAT needs careful monitoring to prevent overcharging
In reference to your story More than 3,500 complaints on first day of VAT, says Economy Minister (January 28), some stores have been increasing their prices and then charging the customer for VAT on top.
Virza Azzannur, Dubai
My car rental company increased my monthly rental by AED600 and then charged five per cent on top of the increased price. I will be getting in touch with the ministry to find out my rights.
Sam Anderson, UAE
All parties need to be at the table to find a way forward
I refer to your report Tillerson says US and Europe have begun work to fix Iran nuclear deal (January 27): I am not worried about America and Europe agreeing. However, without Iran at the table, they might as well be spending their time predicting who the Oscar winners will be instead.
John Francis, US
Extra charges are costing UAE online customers
In reference to your story VAT and customs tax on high-cost items from abroad deter UAE's online shoppers (January 27), by adding tax and regulations on top of existing ones, some expatriates will go back to their home country.
Nicolas Segurens, Abu Dhabi
I just buy when I’m travelling. Nothing that is nice to have is urgent so it is better just to wait until next time I’m abroad.
I have been doing this for years, regardless of tax.
The mark-up in the UAE has always been high, even before the introduction of VAT.
Most items sold in the UK are still much cheaper than in the UAE, even with the 20 per cent VAT added on.
This hasn’t changed my shopping habits at all.
Simon Williams, Dubai
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E640hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20from%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E11.9L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh749%2C800%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
The specs: Volvo XC40
Price: base / as tested: Dh185,000
Engine: 2.0-litre, turbocharged in-line four-cylinder
Gearbox: Eight-speed automatic
Power: 250hp @ 5,500rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 10.4L / 100km
Multitasking pays off for money goals
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
